2/316 Pacific Highway, Lane Cove is due to go to auction this weekend.
Low interest rates, coupled with perceptions of a softer market due to the recession and COVID-19 conditions are inspiring young professionals to get off the rental roundabout or out of home and onto the property ownership ladder.
Agents are reporting higher numbers of buyers fitting this profile at apartments opened for inspections in the past few weeks.
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At the first open of 2/316 Pacific Highway, Lane Cove, Patrick Lang, of Belle Property Lane Cove, had 120 people through the front door – all socially distanced of course.
“It’s fantastic to see young professionals out there in their 20s and 30s buying property,” Mr Lang said.
“Money is so cheap and people are seeing that you can spend the same or a very similar amount each week on rent or a mortgage. They see rent as dead money.
“Bricks and mortar is becoming trendy again.”
And Lane Cove is shaping up as something of a hot spot, he said.
Last week he auctioned 8/557 Mowbray Rd, Lane Cove, a two-bedroom apartment with a price guide of $800,000.
It sold under the hammer for an undisclosed amount, understood to be well above the price guide.
The Pacific Highway apartment, which also has two bedrooms, has the same price guide and is due to go to auction on September 5.
2/316 Pacific Highway, Lane Cove.
Lane Cove has a median apartment sale price of $800,000, which represents a 12-month growth of 5.5 per cent.
Mr Lang said young professionals were mostly uninterested in buying apartments needing work or renovations, and were looking for trendy homes in boutique blocks or complexes with pools, tennis court and other shared facilities.
Some were either upgrading from a one-bedders or looking for their first home, and many were couples looking to form households together for the first time.
He said about 60 per cent of young buyers he was seeing at open homes and auctions were there with their parent or parents for moral and/or financial support.
“It really is good to see them out there and with less investors in the market, they have less competition,” Mr Lang said.
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